During the quarter, Apple and Samsung pushed the global smartphone market above 300 million units
New report suggests that the global smartphone market declined by 12 per cent year-on-year (YoY) even as it grew by 2 per cent QoQ to reach 301 million units in Q3 2022.
During the quarter, Apple and Samsung pushed the global smartphone market above 300 million units, a level it failed to reach last quarter, political and economic instability drove negative consumer sentiment.
Apple was the only top-five smartphone brand to grow YoY, with shipments increasing 2 per cent YoY, growing market share by two percentage points to 16 per cent.
Samsung’s shipments declined by 8 per cent YoY but grew 5 per cent QoQ to 64 million.
Xiaomi, OPPO and vivo, recovered slightly after receiving heavy beatings due to lockdowns in China in Q2, and as they captured more of the market ceded by Apple and Samsung’s exit from Russia, according to Counterpoint’s research.
In a statement, Senior Analyst Harmeet Singh Walia said, “Most major vendors continued experiencing annual shipment declines in the third quarter of 2022. Russia’s escalating war in Ukraine, ongoing China-US political distrust and tensions, growing inflationary pressures across regions, a growing fear of recession, and weakening national currencies all caused a further dent in consumer sentiment, hitting already weakened deman.”
Ongoing international political tensions resulting in economic uncertainty hit the smartphone market even though it reversed its slide below the 300-million-mark last quarter thanks to a slight quarterly recovery in Apple and Samsung shipments.
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